How Can You Fight Overdraft Fees?

Nobody is perfect. And for those operating on a tight budget, this could mean spending more than you actually have in your checking accounts at the moment. When this happens, your bank charges you a fee that usually costs much more than the actual purchase that caused it. But don't fret. There are ways to get the bank to overturn these fees. What are the rules about these situations, and how can you fight overdraft fees?

Here are 7 steps towards getting your overdraft fees removed.

1) Just ask

Human interaction is the most important part of trying to get overdraft fees refunded. Unlike a computer system, it is possible to make a human being understand your situation just by talking to them. Try to avoid impersonal electronic communication. Seeing a bank employee in a physical branch is best, but a phone call is better than nothing. Be friendly and polite. Yelling at someone will make them less likely to hear you out.

2) Don't wait

Many banks charge additional fees for each day that your account remains overdrawn. Address the fees and get your account back in the black as quickly as you can.

3) Check for errors

If the overdraft has happened because your bank made an error, they will almost always return the fee. Print out a copy of your bank statement and double check the numbers against your own records and receipts. Also check the exact transactions that caused the fees for any errors. Not recording your address correctly or charging a purchase to the wrong account are other bank errors that may result in unfair fees.

4) Know the acceptable reasons

Believe it or not, there are some grey areas in the bank's overdraft policies. It is not uncommon for certain vendors to put a temporary hold on more money than they actually charge you. Your local gas station may put a $75 hold on your account for $40 of gas. If you overdrafted because you did not have the $75, some banks will waive the fees when asked.

Most banks will not charge overdraft fees on social security deposits. If you currently receive social security benefits and are being charged overdraft fees, this may be something to discuss with your bank.

5) Negotiate you strong points

There are situations that may make the bank more willing to return your overdraft fees; if this is the first time you've overdrafted your account, for instance. Have you been a loyal customer for a long time? Were the purchases very small and insignificant? Point out anything that could make a convincing argument to your bank representative.

6) Ask the bank to remove you from their Overdraft Protection program

Many banks automatically pay for an item you don't have money for, and then charge you a fee. By asking to opt out of this "Overdraft Protection" program, your debit card will simply be declined when there is not enough money in your account. However, this is not recommended for people who pay with checks. Although the bank can no longer charge you overdraft fees, most merchants will still charge you a fee for checks that bounce.

7) Move your business

If you still can't get your fees reversed, pay enough money to get your account balance to zero, and then find another bank. A bank that does not treat its customers well will not change its ways unless it loses enough business first.

If you've been hit with some unfair overdraft fees, you don't have to just live with them. Go in and talk to your local bank representative as soon as possible. There are quite a few ways to convince them to reverse your fees if you know where to look. And if all else fails, try a better bank.

Here's a checking account provider that won't charge you any overdraft fees: http://www.probityfinancialservices.com/. Signing up is quick, easy, and completely online.